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Lower Gas Prices Not Low Enough for Summer Road Trips

May 15, 2012

By CHRIS KAHN and SAMANTHA BOMKAMP, Associated Press

NEW YORK (AP) — Cheaper gas won't be enough to get many more Americans on the road this summer. They're still too worried about their jobs and the economy.

Economists and tourism experts are expecting only a small uptick in summer travelers. Gas ...

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Saks' 1Q profits up, but revenue disappoints

May 15, 2012

By ANNE D'INNOCENZIO, Associated Press

NEW YORK (AP) — Saks reported a 13 percent bump in first-quarter profit, but weak demand of women's designer merchandise helped to pull revenue below Wall Street estimates.

The New York company said Tuesday that it expects to add extra markdowns on women's ...

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Eurozone avoids recession as Germany powers ahead

May 15, 2012

By DAVID McHUGH and PAN PYLAS, Associated Press

FRANKFURT (AP) — Germany prevented the economy of the 17 countries that use the euro from falling into a recession in the first quarter of the year despite a raging debt crisis that's raising the specter of the breakup of the currency union.

The ...

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Foreign holdings of US debt hit record high

May 15, 2012

By MARTIN CRUTSINGER, Associated Press

WASHINGTON (AP) — Foreign demand for U.S. Treasury securities rose to a record high in March. China, the largest buyer of Treasury debt, increased its holdings for a third straight month.

Total foreign holdings rose 0.3 percent to a $5.12 trillion, marking ...

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Greeks head back to the ballot box in June

May 15, 2012

ATHENS, Greece (AP) — Greece will hold a new election in June after days of talks failed to resolve the country's political deadlock, party leaders said Tuesday.

The Athens Stock Exchange plunged on the news, diving 4.86 percent minutes after the announcement before recovering somewhat.

The May 6 ...

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Treasury Secretary Says JPMorgan Loss Shows Need for Tough Rules

May 15, 2012

By ANDREW TAYLOR, Associated Press

WASHINGTON (AP) — Treasury Secretary Tim Geithner said Tuesday that the recent $2 billion trading loss by JPMorgan "helps make the case" for tougher rules on financial institutions, as regulators continue to implement the 2010 law aimed at policing Wall Street.

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UK airport delays blamed on wind, short staffing

May 15, 2012

LONDON (AP) — Long waits at British airport immigration desks have been blamed on staff cuts, airline schedules, security policies and even the wind.

Lawmakers on Britain's Home Affairs committee on Tuesday heard conflicting views from officials at airlines, airports, unions and the government.

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US consumer prices flat as gas costs fall

May 15, 2012

By CHRISTOPHER S. RUGABER, Associated Press

WASHINGTON (AP) — U.S. consumer prices were flat last month as cheaper gas offset modest increases for food, clothing and housing. The data indicate that inflation remains in check.

The Labor Department said Tuesday that the seasonally adjusted consumer ...

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Poll: Half of Americans call Facebook a fad

May 15, 2012

By TALI ARBEL, Associated Press

Half of Americans think Facebook is a passing fad, according to the results of a new Associated Press-CNBC poll. And, in the run-up to the social network's initial public offering of stock, half of Americans also say the social network's expected asking price is too ...

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How will JPMorgan's $2B loss affect banking rules?

May 15, 2012

By DANIEL WAGNER, Associated Press

WASHINGTON (AP) — The $2 billion trading loss at JPMorgan Chase has renewed calls for stricter oversight of Wall Street banks. Two years after Congress passed an overhaul of financial rules, many of those changes have yet to be finalized.

JPMorgan's misstep ...

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Germany economy grows strong 0.5 percent in Q1

May 15, 2012

FRANKFURT, Germany (AP) — Market concerns over the European economy are showing signs of growing after a closely-watched survey of German investors recorded a sharp drop in sentiment after five straight months of increases.

The ZEW institute reported Tuesday its main index dropped by 12.6 points ...

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EU finance ministers haggle over bank rules

May 15, 2012

By DON MELVIN, Associated Press

BRUSSELS (AP) — European Union finance ministers are to meet in in Brussels Tuesday to hammer out an agreement over how high banks should build their defenses against future financial shocks, with the U.K. running the risk of being isolated over who should set the ...

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France's economy fails to grow in 1st quarter

May 15, 2012

PARIS (AP) — France's economy failed to grow in the first quarter of the year, according to data released Tuesday, raising concerns that the country could be heading toward a recession.

Gross domestic product was stagnant from January to March, the national statistics agency Insee said. It also ...

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China faces pressure to reverse economic slump

May 15, 2012

By ELAINE KURTENBACH and JOE McDONALD, Associated Press

BEIJING (AP) — Gao Runping, who makes mechanical components for the oil industry, founded his business in the central city of Taiyuan with equipment bought from failing companies after the 2008 global crisis.

Now, with China's economy ...

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How will JPMorgan's $2B loss affect banking rules?

May 15, 2012

By DANIEL WAGNER, Associated Press

WASHINGTON (AP) — The $2 billion trading loss at JPMorgan Chase has renewed calls for stricter oversight of Wall Street banks. Two years after Congress passed an overhaul of financial rules, many of those changes have yet to be finalized.

JPMorgan's misstep ...

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Saverin dumps US citizenship ahead of Facebook IPO

May 15, 2012

SINGAPORE (AP) — Facebook co-founder Eduardo Saverin has renounced his U.S. citizenship, a move expected to save him hundreds of millions of dollars in taxes stemming from the company's impending initial public offering.

The Brazil-born 30-year-old became a U.S. citizen in 1998 but has lived in ...

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Facebook IPO shares tough task for small investors

May 15, 2012

By DAVE CARPENTER, Associated Press

CHICAGO (AP) — Hoping to get in on Facebook's hotly anticipated public stock offering? You'll need Facebook friends at very high levels — or a lot of money.

Most people who like the idea of owning Facebook's stock will have difficulty getting it at the offer ...

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Study: Phone co customer satisfaction evens out

May 15, 2012

By PETER SVENSSON, Associated Press

NEW YORK (AP) — A study of customer satisfaction at the Big 4 wireless carriers finds no significant difference between them. That's because of improvements in customer service at Sprint Nextel Corp. and AT&T Inc.

The American Customer Satisfaction Index puts ...

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With Avon not calling, Coty slams the door

May 14, 2012

NEW YORK (AP) — Avon shares plunged 14 percent in premarket trading Tuesday after Coty dropped its $10.7 billion takeover bid for the cosmetics company.

Coty Inc., a privately held rival, had raised its original offer last week by about 6.5 percent, but set a deadline of Monday for the company to ...

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West Coast spike in gas prices tied to refineries

May 14, 2012

By STEVEN DuBOIS, Associated Press

PORTLAND, Ore. (AP) — Motorists across most of the country have been getting a break on the price of gas, but not on the West Coast.

The average price for a gallon of regular gasoline in Oregon was $4.17 Monday, up 16 cents from last week. The average was $4.20 ...

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